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Business OPeRATiOns N e w s 22 JANUARY 2015 | FUEL OIL NEWS | www.fueloilnews.com COmmERCIAL INSURANCE PRICES INCREASE 3% IN thE thIRd QUARtER Commercial insurance prices increased by a modest 3% in aggregate during the third quarter of 2014, according to the latest Commercial Lines Insurance Pric- ing Survey conducted by global profes- sional services company Towers Watson. Price changes remained at nearly the same level as last quarter, after five consecutive quarters of moderation in the rates of increases. The survey compares carriers' pricing on policies underwritten during the third quarter of 2014 to those under- written in the same quarter of 2013. Price increases are similar to those from the previous quarter for most com- mercial lines, but carriers reported con- tinuing moderation in workers compen- sation, and some of the specialty lines surveyed were offset by stabilization in property. The employment practices li- ability line reported the largest price increases, followed by commercial auto. Price increases for most commercial lines registered in the low single digits. Commercial property data indicated flat pricing following a slight price decrease one quarter ago. Survey results indicated more mod- erate price increases for large and spe- cialty accounts compared to small and mid-market accounts. "After many quarters of moderation in price increases, we are seeing a lull," said Alejandra Nolibos, director in Towers Watson's Americas P&C practice. "We are seeing this for many of the lines surveyed, but I would highlight property. Last quar- ter, we noted price changes for that class had reached negative territory; recent data, however, indicate flat pricing. Increases in workers compensation pricing, on the other hand, continue to moderate." The survey noted that loss ratios improved 2% for accident-year-to-date 2014, relative to the same period in 2013 (excluding catastrophes), as earned price increases continued to offset reported claim cost inflation for many lines. This trend builds on an estimated improve- ment of nearly 6% between 2012 and 2013. In aggregate, carriers reported relatively flat claim cost inflation for ac- cident-year 2013 and approximately 2% for 2014 year to date. WhY EmPLOYEES LEAvE thEIR JObS Addison Group, a leading provider of professional staffing services, released the results of a survey that examines why people from different generations are leaving their employers and the pref- erences they have for rewards, like raises and bonuses. The survey was conducted by Kelton, a leading global insights firm. With fewer Baby Boomers retiring after years of economic uncertainty and more Millennials beginning their careers, today's workforce is divided almost even- ly between Millennials, Generation X and Boomers. The diverse makeup of em- ployees creates a challenge for employers in establishing a workplace that appeals to cross-generational talent. The survey was commissioned to gain better insight into why employees leave their current jobs, and what employers can do to better retain talent across generations. Many workers, especially Millennials, are often angling for their next raise, and almost half (49%) don't mind job hop- ping to boost their salaries. While only 16% of all workers are actively looking for new jobs, 42% are keeping their re- sumes up to date. Interestingly, almost a third of all workers (32%) aren't actively looking for another position, yet they often browse for other opportunities and would be willing to apply to and in- terview for a different role. One reason behind this constant, am- bient job-searching state of the workforce is the gap in today's market between what employees want in an ideal job and their satisfaction in their current position. In fact, less than one in four workers (24%) actually claim their present role is their ideal job. While 44% of workers agree their ideal company would make them feel like they have control over their own growth or career progression, only 19% are satisfied with their path for growth or advancement at work. The Millennial generation is widely viewed as having a "sense of entitle- ment," a brand they collectively can't shake. Employers should note, 40% of the youngest generation expects a pro- motion every one to two years, and a third admit they're targeting raises and promotions this year. This upwardly- mobile generation also views having their own office as a right, rather than a reward, more so than older generations with Millennials at 38%, compared to 29% of Boomers and Gen Xers. While it's true that Millennials are the age group most likely to believe that, more than once a year, they should earn bonuses (31% vs. 25% of Gen Xers and Boomers) and raises (24% vs. 15% of Gen Xers and Boomers), nearly half of Gen Xers and Millennials (47%) believe that a raise is a right. So what should employers do to re- tain the Millennial generation? Cater to their needs while bridging the gap be- tween their often high expectations and the reality of what is expected of them. For example, 43% of Millennials de- scribes their ideal company as one that provides internal training opportuni- ties. Yet, less than a third of Millennials (32%) note they're most satisfied with training and learning opportunities available at work. Here, employers can step in to ensure workplace opportuni- ties match employee desires. In addition to creating learning op- portunities for Millennials, keep in mind this generation is advancement- driven—two in five Millennials (41%) believe people should have five or more different jobs throughout their careers. Millennials want to move up, or out, of a company. By providing progression opportunities for this generation, em- ployers can better retain top Millennial talent within an organization. Nearly half of Gen Xers and millennials (47%) believe that a raise is a right.